Renew Capital Angels have invested in FlexPay, an innovative Kenyan fintech company that is reshaping consumer finance on the African continent. FlexPay’s revolutionary “save now, buy later” platform is gaining traction by enabling customers to make purchases over time without incurring any interest, all while helping them set and achieve their personal savings goals. This innovative approach not only empowers consumers with enhanced financial flexibility but also strengthens their purchasing power.
FlexPay’s strategy involves strategic collaborations with merchants, facilitating flexible payment options for high-value products and services. This novel approach represents a significant evolution of the “buy now, pay later” model, offering affordability, scalability, and sustainability that are particularly well-suited for the African market.
Richard Machomba, the CEO of FlexPay, expressed his enthusiasm for this innovative model: “Our ‘save now, buy later’ concept is poised to redefine consumer finance, especially in Africa. Over the next three months, we are gearing up to partner with merchants and pioneer a transformative path in the banking sector.”
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FlexPay’s emergence is a testament to Kenya’s status as a hotbed of financial innovation. The nation is renowned for introducing Africa’s first mobile money service, MPESA. FlexPay’s mission is to bridge the affordability gap with practical and affordable financial services, safeguarding customers from the perils of debt.
Matt Davis, CEO of Renew Capital, underscored the importance of FlexPay’s initiative: “The youngest and fastest-growing populations in the world are fueling a massive demand for effective and affordable financial services. This presents both a challenge and a remarkable opportunity for Africa. FlexPay is harnessing cutting-edge technology to usher in a transformative new paradigm: ‘Save now, buy later.’”
Renew Capital’s investment aligns perfectly with its mission to support groundbreaking ventures across the African continent. Renew Capital is a pan-African early-stage investment firm with an innovative approach. They collaborate with development partners to foster entrepreneurial ecosystems in Africa and invest in early-stage African businesses through their global investor network, the Renew Capital Angels. Moreover, Renew Capital has recently unveiled the Renew Venture Lab, providing startups access to a seasoned investment team across Africa, alongside experienced startup executives, and a global network of partners and investors.
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With this strategic investment, FlexPay and Renew Capital are poised to revolutionize consumer finance in Africa, empowering individuals with newfound financial freedom and security, all while contributing to the continent’s economic growth and development.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard